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Resolution authorizing the dissolution of the Summerset at Frick Park Tax Increment Financing District (Council District 5).
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WHEREAS, Pennsylvania's Tax Increment Financing Act, 53 P.S. ? 6930.1 et seq. (the "Act"), provides local taxing bodies the legal authority to cooperate in providing financing for the development of blighted areas, as defined in the Act, within their respective jurisdictions to increase the tax base and improve the general economy; and
WHEREAS, the Summerset at Frick Park Tax Increment Financing Plan was prepared by the Urban Redevelopment Authority of Pittsburgh (the "Authority") and was approved by the School District of Pittsburgh (the "School District") by resolution of June 26, 2013 and by the County of Allegheny (the "County") by resolution of July 2, 2013; and
WHEREAS, pursuant to Resolution No. 525 of 2013 effective August 6, 2013, the City of Pittsburgh (the "City"), the County, the School District (together the "Taxing Bodies") and the Authority, entered into a Cooperation Agreement dated as of May 5, 2014 (the "Cooperation Agreement") providing for the financing, monitoring, implementing and terminating of the Summerset at Frick Park Tax Increment Financing ("TIF") District; and
WHEREAS, by Resolution No. 526 of 2013 effective August 6, 2013, the City approved and adopted the Summerset at Frick Park TIF Plan and created the Summerset at Frick Park Tax Increment Financing District (the "Summerset at Frick Park TIF District"); and
WHEREAS, the Summerset at Frick Park Tax Increment Financing Plan (the "TIF Plan") provided for certain pledged tax revenues (the "Pledged Revenues") to fund the redevelopment of portions of the Summerset at Frick Park Project site (the "Project"); and
WHEREAS, the scope of the Project has been reduced to the completion of environmental remediation and the extension of Frick Park; and
WHEREAS, the Authority has secured sufficient funding, including existing TIF proceeds, to complete ...
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